Govt increases petrol price by Rs10 per litre

ISLAMABAD: The government raised petroleum prices by Rs9 to 12, said a notification issued by the Finance Division on Saturday.

The government raised the price of petrol by Rs10.49 per litre and high-speed diesel (HSD) by Rs12.44 per litre. The new price of petrol, effective from today (October 16), is Rs137.79 per litre, while that of HSD is Rs134.48.

Meanwhile, the prices of kerosene and light diesel oil (LDO) were increased by Rs10.95 and Rs8.84 per litre, respectively. The new price of kerosene is Rs110.26 per litre, and that of LDO is Rs108.35 per litre.

According to the Finance Division notification, oil prices in the international market had risen around $85 a barrel, which was the highest since October 2018.

A notification issued by the Finance Division. Image: BOL News

“Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks,” it added.

The Finance Division also claimed that the government had absorbed the pressure of increasing international rates and provided “maximum relief” to consumers by keeping the petroleum levy and sales tax to a minimum.

Earlier this week, the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of up to Rs10 a litre for petroleum products.